Do’s and Don’ts of the Mortgage Process

PrimeLending is dedicated to making the mortgage process as easy as possible for qualified borrowers in most states. Listed below are helpful tips for that will make the mortgage closing process with PrimeLending as smooth as possible.

What to do and remember for the mortgage closing process:

Remember to bring a cashier’s check that is made payable to the title company for the amount of your closing costs

You should notify PrimeLending if:

Your salary or other compensation changes from what has previously been documented on your loan application

Your address changes from what has previously been documented on your loan application- a rental and mortgage verification will be completed for all previous residences

You transfer funds from one account to another and provide records of such transactions

Be sure to acquire homeowner’s insurance that provides basic minimum coverage equal to the amount of your total loan or the replacement value of the home you wish to purchase.

You must share the agent’s name and phone number with your PrimeLending Loan Officer at least 10 days before closing

It is in the buyer’s best interest to keep documentation on any large and significant deposits into their bank accounts. Keep all paperwork that is needed to prove a financial transaction, such as:

Copies of all checks

Deposit slips

Loan paperwork

Forms to liquidate assets

Have the property properly inspected for termites, verify that you have had the property inspected for termites, and if anything in the termite report does not appear to be clear, provide a receipt for the treatment used (including the chemicals in the treatments as well as the amount of the chemical used)

What NOT to do for the mortgage closing process:

Acquire any additional lines of credit or make any large purchases on existing credit without first consulting your PrimeLending Loan Officer. Examples of this include:

Purchasing a car

Purchasing major new appliances for your future home

While it sounds tempting, these additional lines of credit and large purchases will have a negative impact on your debt-to-income ratios.

Also, co-signing with anyone to obtain a line of credit or make a purchase is not recommended. That payment will show up as an additional debt on your own credit report.

Change jobs without consulting PrimeLending. A job change could mean a change in compensation which could affect your ability to qualify for the financing you are to receive. Lenders may verify employment on the day of closing so it is extremely important to notify your PrimeLending Loan Officer of any employment changes. Also, all qualified borrowers must present at least a two-year history of bonuses and/or commissions for it to be counted as income.

Expect to get money back at closing because you negotiated your contract with an allowance. An allowance can only be used to pay closing costs and/or prepaids

If any of the items listed above are unclear or you are uncertain about any procedures during the loan process, contact your PrimeLending Loan Officer today.

To contact a loan expert, use the contact form to the right or call (800) 308-8503.

We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800-450-2010, ext. 7100 or you may contact us by email at customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day.Texas Department of Savings and Mortgage Lending.